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Press Release: Cutting through the hype – unlocking the value of applying blockchain technology to maritime

PRESS RELEASE: Today at SMM – the leading international maritime trade fair taking place 4-7 September in Hamburg, Germany – LR announced a co-operation project with HHI, to explore the value of blockchain when applied to shipbuilding.

Earlier this week LR announced the launch of its prototype blockchain-enabled Class register – the first demonstrator that can register ships into Class using blockchain technology. Luis Benito, LR Innovation & Co-creation Director Marine & Offshore commented: “We have subsequently identified that the value this could deliver could be extended to benefit all stakeholders, starting with the shipbuilder.”

He continued, “We are delighted that HHI is joining us on this innovation journey. We see this as a potential new way to manage the entire multi-stakeholder chain related to shipbuilding, in a way that it will become more effective and efficient for all involved, setting a new best practice standard in our industry.”

Hong-Ryeul Ryu, Vice President at HHI commented: “We are glad to explore blockchain technology with LR to find out the value for new building. We expect blockchain project enables us to ensure that our project planning and initial designing work are more efficient. All relevant information is traceable, demonstrable, transparent, recorded in a way therefore all parties can trust that activities happened in the prescribed way and the outcome of such activity conforms to requirements of the contract.”

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